Event to Watch Today: The key event to watch today is the release of the U.S. Gross Domestic Product (GDP) data for the fourth quarter on an annual basis. The data is scheduled to be published at 16:30 CET.
The GBPUSD pair continues its downtrend after retreating from the recent two-week high of 1.2774 on Wednesday. During the European session on Thursday, the GBP/USD pair is trading lower, near 1.2710.
The British Pound (GBP) initially gained support from positive Purchasing Managers' Index (PMI) data from the United Kingdom. However, this upward momentum couldn't be sustained after favorable PMI data was released from the United States.
Positive PMI data from S&P Global in the U.S. on Wednesday may reduce the likelihood of a Federal Reserve rate cut in March, leading to a decline in the GBPUSD pair.
Trading Recommendation: The trading recommendation leans towards sell orders.
#GBPUSD #FX #trading #Forex #ForexNews #ForexAnalysis #EURUSD #USDJPY #AUDUSD #XAUUSD #BTCUSD
The GBPUSD pair continues its downtrend after retreating from the recent two-week high of 1.2774 on Wednesday. During the European session on Thursday, the GBP/USD pair is trading lower, near 1.2710.
The British Pound (GBP) initially gained support from positive Purchasing Managers' Index (PMI) data from the United Kingdom. However, this upward momentum couldn't be sustained after favorable PMI data was released from the United States.
Positive PMI data from S&P Global in the U.S. on Wednesday may reduce the likelihood of a Federal Reserve rate cut in March, leading to a decline in the GBPUSD pair.
Trading Recommendation: The trading recommendation leans towards sell orders.
#GBPUSD #FX #trading #Forex #ForexNews #ForexAnalysis #EURUSD #USDJPY #AUDUSD #XAUUSD #BTCUSD
📊 #ForexNews #Finance #Economy
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📈 Recommendation: Consider opening long positions in USD/JPY.
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📉 Recommendation: Consider opening short positions in JPY and INR against USD.
🔹 Argentina and China extend currency swap, easing fears over Argentina's solvency.
📈 Recommendation: Consider long-term investments in Argentine assets.
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📈 Recommendation: Consider purchasing BTC and ETH.
🔹 The dollar strengthens amid US economic resilience. The dollar has reached a seven-week high against the yen amid growing confidence in the US economy. The euro and pound have weakened.
📈 Recommendation: Consider opening long positions in USD/JPY.
🔹 South African rand slips as new cabinet appointments are awaited.
📉 Recommendation: Avoid open positions in ZAR until political stability is achieved.
🔹 Bearish forecasts for Asian currencies. Analysts continue to hold bearish positions on most Asian currencies due to expectations of higher US interest rates.
📉 Recommendation: Consider opening short positions in JPY and INR against USD.
🔹 Argentina and China extend currency swap, easing fears over Argentina's solvency.
📈 Recommendation: Consider long-term investments in Argentine assets.
🔹 Dollar weakens following US inflation data, potentially increasing the attractiveness of cryptocurrencies.
📈 Recommendation: Consider purchasing BTC and ETH.